Fantom (FTM) Coin Price Prediction for 2023: Is Fantom (FTM) a Good Investment?

Today, the Fantom (FTM) price was among very few gainers, even if the broader cryptocurrency showed bearish pressure. As a result, the total market capitalization of this instrument would be $5,424,270,486 even if the last 24 hours’ trading volume were 44.34%, down to $515,372,231.

The layer 1 blockchain is a platform like Ethereum or Avalanche, while it uses Layer 2 networks on the top of the layer 1 blockchain. FTM is a solid example of a layer 1 blockchain that has experienced a 77% price surge in the last 2 weeks. The bullish pressure came from the rising interest in layer 1 blockchain as an alternative to costly Ethereum. Transactions through the Ethereum platform take times where the transaction fees can reach as high as $100. 

On the other hand, Fantom and Avalanche are strong opponents to the Ethereum network. FTM has an additional value from the spurred gain in native token and its locked value in DeFi applications. DeFi products depend on smart contracts, which are more secure and fast than third-party verification. More than $5.6 billion FTM is locked in the DeFi application, where the all-time high of the locked amount reached $6.15 billion in November.

So, Is Fantom (FTM) a good investment?

Let’s see the Fantom (FTM) price prediction from Technical Analysis FTM:

Fantom (FTM) Showed A Bearish Channel Breakout

In the FTM/USDT daily chart, the price is trading within a long-term bullish trend where the all-time high is at 3.48 that formed in October 2021. After creating the top, the price corrected lower but the speed of the correction was not impulsive. As a result, it is a sign that bulls are still interested in buying this instrument where the recent channel breakout initiated the new bullish leg.

The above image showed that the MACD Histogram turned bullish and aimed higher. Moreover, there was a bullish breakout from the dynamic 20 EMA with an impulsive pressure. As a result, the buying possibility has become potent as long as bulls hold it above the dynamic 20 EMA.

Based on the daily FTM price prediction 2023, the overall market direction is bullish in this pair. Moreover, the recent channel breakout might take the price up towards the 3.1582 resistance level. In that case, a minor correction and bullish rejection from the dynamic 20 areas is important. On the other hand, a break below the 1.2752 level with a bearish daily close might alter the current market structure and lower the price.

FTM/USDT Ichimoku Cloud Analysis

According to the Ichimoku Cloud analysis, the FTM/USDT showed an amazing bullish breakout with a stable position above the Kumo Cloud. However, the buying pressure from the 1.40 level touched the 2.40 psychological area without any major correction. Therefore, although the market trend is bullish, a minor consolidation is pending before showing another bullish impulsive pressure.

The above image showed that the RSI is trending lower with a corrective movement where the most recent price is below the dynamic Tenkan Sen and Kijun Sen. Moreover, the bearish crossover in dynamic levels with the Lagging Span’s position below the price is a sign that the price might enter the Kumo cloud area before moving up.

Therefore, as per the current price action, investors should wait for a bullish H4 close above the dynamic Kijun sen to open a buy position in this pair. Meanwhile, if the RSI moved above the 60 level, it would boost the buying possibility.

FTM/USDT Intraday Price Action Analysis

In the intraday chart, FTM/USDT is trading within a range between 2.4303 to 2.0384 area. Moreover, the current range is backed by a strong bullish trend where any breakout towards buyers’ direction has a higher possibility of providing profits.

The above image shows how the price trading is lower from the dynamic 20 EMA and weekly VWAP while the MACD Histogram is bearish. Therefore, investors should closely monitor how the price trades above the dynamic 20 EMA area where any bullish H4 close above the 2.2386 level would eliminate the current bearish pressure. In that chase, the price may extend the bullish movement towards the 3.000 psychological level in the coming hours.

On the other hand, a break below the 2.0384 might need an HODLing approach towards 1.5738 to see another buying opportunity.

Is Fantom (FTM) A Buy?

According to the Fantom (FTM) forecast, the buying opportunity is potent as long as the price trades above the recent bearish channel breakout and dynamic 20 EMA. Moreover, the recent development in this instrument might encourage traders to HODL even if the price shows any selling pressure. In that case, 1.2432 would be the maximum tolerance level for bulls, and below this level, the price may start consolidating more before showing a buying sign.

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